Singapore, 16 Mar 2021 Like several countries across the world, Singapore has seen private housing prices move higher in spite of a global pandemic. Given this, fresh data shows that the gap between incomes and prices of private non-landed homes continued to widen in 2020.
Specifically, the gap – known as an “affordability ratio” – between prices of new condominiums sold and household income continues to be at its widest in a decade, BT’s analysis of data from Knight Frank, Colliers Intl, OrangeTee & Tie, URA and DOS showed.
Christine Sun, OrangeTee & Tie senior vice-president of research and analytics, said a wait-and-see approach may be apt as the economy is still recovering and any cooling measures could affect other sectors such as construction and banking. If Singapore's gross domestic product picks up "substantially" in the first quarter of 2021, the property price growth may not be a major issue, Ms Sun noted.